In the past few weeks, we have been in a banking environment where lenders are running into some of the same problems that arose at Silicon Valley Bank. This week on the show, we are going to talk about the current state of banking, and more importantly, what you should do if you are concerned about the viability of your bank. We will also discuss FDIC insurance, the limits on different types of accounts, the difference between banks and credit unions, a few strategies you can use to protect your cash, and more.
[04:43] Silicon Valley Bank –Grant starts the conversation by explaining what happened to Silicon Valley Bank and why its customers are at risk.
[11:50] FDIC insurance – Grant explains why we shouldn’t rely on the FDIC or the federal government to cover insurance above $250,000.
[17:42] The rules – Grant dives into the rules of the coverage.
[24:37] Other institutions – Grant shared why he is not a fan of other institutions like JPMorgan Chase & Co. and Wells Fargo.
[31:44] Office buildings – We talk about how office buildings’ values are falling dramatically in commercial real-estate space.
[35:28] SIPC – Grant shares some important information about the Securities Investor Protection Corporation, which is the brokerage affiliate of the FDIC.
Fed report blames SVB execs — and itself — for bank’s failure
Deposit Insurance At A Glance